Shares recover on bottom pick-up
Shares recover on bottom pick-up
Shares rose in the two local exchanges on Wednesday morning as investors scooped up stocks that had slipped to more affordable levels.
The benchmark VN Index on the HCM Stock Exchange rose 0.3 per cent to close at 709.71 points. Việt Nam’s key index had dropped 1.3 per cent in the past four days.
The smaller HNX Index on the Ha Noi Stock Exchange went up 0.8 per cent to end at 88.58 points, reversing from a two-day decrease of 1.1 per cent.
Market trading liquidity was moderate with around 111.6 million shares worth VND2.13 trillion (US$95 million) being traded.
Stocks began to recover as investors tried to pick up some of the listed companies’ shares that had fallen deeply in the previous sessions.
The four-day drop of the VN Index and two-day fall of the HNX Index had pushed some stocks down to attractive price levels, which prompted investors to pick them up, Vietnam Investment Securities (IVS) said in a report.
Shares of banks, brokerage firms, plastic producers, fertiliser companies, construction firms and property developers all gained.
The markets also got a boost after global oil prices rose on Tuesday. Brent Crude finished Tuesday’s trading at $52.1 a barrel, up one per cent from Monday.
